Mid-term elections in the United States are coming and some people are arguing if Bitcoin It is used to mess with them. Brian Forde recently wrote an op for Coindesk on this subject. Forde has been a candidate for the US Congress recently for the 45th district of California and has experience with blockchain technology, as well as working as a Senior Tech Advisor for the Obama government.
In the article, Forde claims that this is one of the most important elections recently and that misinformation is a big problem. Emphasize that many articles have written Bitcoin and that most of them are not very well informed.
He claims that about $ 300,000 of his campaign dollars were provided via cryptocurrency and that he was not even an external candidate, he was very pro-established. People often make incorrect assumptions about how cryptos work, he believes.
The biggest misconceptions about Bitcoin and other encrypted ones
The main point, according to him, is that the print uses only raw numbers when he notices how much cryptos is used to fund campaigns. For example, an article that Forde quoted said that about $ 550,000 USD in criptos have been used to fund campaigns since 2014. While the number may seem large, it is not. This represents only 0.032% of total donations.
This causes problems because the numbers are wrong and people make twisted hypotheses, according to the author. It cites that some say that almost 3 billion people use criptos, which is not the truth, it would be 40% of the world. Not even 10% of the world uses cryptos, in fact. In reality, the number has been confused between cryptids and other digital money.
Forde's second point is that many people claim that the criptos are directly related to illicit activities including money laundering. However, the point is that all money can be used for money laundering. Banks sometimes seem to be wary of criptos, but then remember that they are often included in money laundering schemes.
Banks are generally the most used ways to recycle money, yet people constantly accuse Bitcoin of being the ugly black man. Technology, the specialist says, can be used for both good and bad things. Acting as if the scrambles were used only for bad things is simply not right for users and technology.
It also points out that critics like to argue that the criptos can not be inspected by the public, but they forget that, unlike Monero or some other privacy currency, it is easy to track transactions. They may not have a system as organized as other systems do, but they are also traceable.
Some prepaid debit cards, for example, can be purchased with cash in stores. If you want to do something illegal, you can do it. There are ways to prevent it when using cryptography or not.
Bitcoin is not anonymous. In fact, the author states that the cryptographic companies are highly regulated in the United States, so there is no way for foreign actors to use encrypted to confuse with the elections. It's just paranoia.
Can encrypts be used to interfere with the elections?
Yes, but you should not worry too much about this. You can use many other ways and most of them can be monitored. It could be said that some coins for privacy like Monero would be more dangerous than those that are not widely used and one could say the same as prepaid debit cards.
Unfortunately these rumors, the author says, are used only to provoke hysteria and misconceptions about technology.
The whole issue is very complicated and will only be resolved over time. There are a lot of bad rumors about criptos and while some tokens are more likely to be a danger to democracy than others (Monero, we are watching you), they also do not represent anything that can be considered so important when you have a myriad of ways to influence elections and governments have even used legal avenues like the lobby.